COSCO Announces 10 New VLCCs and Charters 14 More on Long-Term Deals

Key Facts

COSCO Shipping Energy Transportation announced in disclosures published on November 9, 2026, that it would build 10 very large crude carriers (VLCCs) through two wholly owned subsidiaries. The construction program was set out in two announcements: the first for six tankers and the second for four. On the same day, the company separately announced the chartering of 14 new tankers of the same type under time-charter contracts. The disclosures thus combined vessel additions through direct construction with ships entering the fleet under charter. The announcement put the expansion plan at the forefront of news about the company that day.

Fuel arrangements differ between the two vessel groups, according to Riviera Maritime Media. The 10 new tankers are described as ready to operate on dual fuel using LNG and methanol. The 14 chartered vessels include 10 LNG dual-fuel tankers and four conventionally fueled tankers. The report said the order for six vessels from Yangzhou yards includes LNG-ready systems. The differing fuel specifications mean that not all vessels covered by the program fall into the same operating category.

The expansion comes as the company said VLCC rates had risen rapidly. In its third-quarter 2026 report, the company attributed this to the combined effect of three factors: strong demand for transportation, a persistent geopolitical risk premium, and declining logistics efficiency that had become customary. The company described these factors as key reasons behind the rise in rates. This assessment provides market context for the expansion announcements without changing the details of the construction and charter arrangements that were announced. The explanation for higher rates remains attributed to the company, as stated in its quarterly report.

Daily closing data cited by EL7 show that CICOY closed at $11.13 on November 6, 2026, while CSDXF closed at $1.85 in the same session. These prices predate the November 9 disclosures, so they record the November 6 session close and do not represent share-price movements after the announcement. China's disclosure index listed the announcement to charter the 14 tankers at 16:00 China time on November 9. The index also listed the announcement to build six tankers on that date. This timing identifies the publication date of disclosures covering part of the expansion program.